Segment
Claims
Insurer ordered to pay accident benefits even though policy expired before accident
January 8, 2009 by Canadian UnderwriterThe Ontario Superior Court of Justice has upheld the principle that an insurer cannot simply deny paying accident benefits to an applicant — even if the policy had been cancelled two months before the accident — so long as there…
Losses of up to US$55 billion if 1938 hurricane hit today
January 7, 2009 by Canadian UnderwriterIf the Great New England Hurricane of 1938 were to hit today, insured losses would reach between US$40 billion and US$55 billion, RMS reports. This would include losses to both the private insurance market and those policies covered under the…
What’s New: In Brief (January 07, 2009)
January 7, 2009 by Canadian UnderwriterManitoba’s auto theft rates have dropped to the lowest level since 1993, according to claims data released by Manitoba Public Insurance (MPI). The trend is driven in part by a 40% decrease in auto theft taking place in Winnipeg, MPI…
FSCO upholds practice of combining psychological impairment percentages with physical impairments
January 7, 2009 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has upheld the controversial practice of assigning percentages to psychological impairments and combining these with physical impairment ratings for the purpose of determining an individual’s whole person catastrophic impairment.In Maria Augello and Economical…
Core claims system vendors need to differentiate themselves: Celent
January 6, 2009 by Canadian UnderwriterInsurers are rapidly replacing legacy systems with upgraded core claims technology, and vendors should differentiate themselves by focusing on improving usability, making implementation faster and less expensive and documenting the value propositions of new technologies, a recent Celent report notes.The…
Declining capital worrisome to Canadian (re)insurers as claims costs rise: Swiss Re
January 5, 2009 by Canadian UnderwriterInvestment and capital losses associated with Canada’s economic recession are happening at a time when the country’s industry is in need of capital to offset claims costs, a Swiss Re online newsletter reports.In its report, “Implications of the Financial Crisis…
Watch out for those wild signposts!
December 23, 2008 by Canadian UnderwriterAs economic times get tough, and people look for ways to avoid paying money, many insurers are on the lookout for fraudulent claims.The latest example in B.C. was based on the fact that insurance premiums are not affected in comprehensive…
Depression, psychoses based on physical brain injury not “too remote for recovery”: Ontario Superior Court
December 23, 2008 by Canadian UnderwriterPychoses caused by right-hemisphere brain damage arising from a car collision are not “too remote to allow for recovery,” the Ontario Superior Court of Justice has found, distinguishing the case from the facts found in the Supreme Court of Canada’s…
Canadian motor vehicle theft on the decline, Statistics Canada reports
December 22, 2008 by Canadian UnderwriterPolice-reported motor vehicle theft decreased 9% in 2007, the fourth consecutive annual decline, Statistics Canada noted in a recent report.Vehicle theft remains one of the most frequent offences committed in Canada, according to police-reported data. But the rate peaked in 1996, and has…
What’s New: In Brief (December 22, 2008)
December 22, 2008 by Canadian UnderwriterStephen Greene, former executive director of the Insurance Brokers Association of Nova Scotia (IBANS), is one of 18 new senators appointed by Prime Minister Stephen Harper.Harper announced his new appointments to the Senate on Dec. 22. Greene served as the…
Maple Leaf reaches Cdn$25-million class action settlement after listeriosis outbreak
December 19, 2008 by Canadian UnderwriterMaple Leaf Foods has reached a Cdn$25-million settlement agreement in a class action following a listeriosis outbreak.The settlement is designed to increase by up to Cdn$2 million to the extent that claims and costs exceed $25 million, according to Maple…
2008 is second-costliest year for global catastrophes
December 18, 2008 by Canadian UnderwriterGlobal catastrophes in 2008 cost insurers US$50 billion, making it the second-costliest year ever in terms of insured losses, according to a forthcoming Swiss Re sigma study.More than 238,000 people lost their lives to natural catastrophes and man-made disasters this…